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) Trade With the Pacific Rim -I~ Merchandise trade is crucial to the U.S. economy because U.S. trade, and particularly to the U.S. economy, and the it is high in value and a major trade with Pacific Rim coun­ Pacific Rim is now our largest source of recent economic tries, has grown substantially regional trading partner. In growth. In 1990: in the past decade. Since cooperation with the Customs 1980, the annual value of: Service, the Census Bureau • The value of all U.S. export provides detailed monthly in­ shipments was nearly $395 • All U.S. merchandise ex­ formation on all shipments billion, and U.S. imports ports plus imports grew by leaving and entering the totaled over $495 billion. nearly 90 percent, and our . This brief high­ imports from the world lights data on U.S. trade, and more than doubled. • Exports increased 8 trade with Pacific Rim coun­ percent above 1989 (ex­ • U.S. exports plus imports tries, since 1980. cluding price increases), with the Pacific Rim in­ and provided some 40 per­ creased by 165 percent. Trade Is Important cent of year-to-year and our imports from that Merchandise trade is crucial GNP growth. region nearly tripled.

Pacific Rim Trade Is Our Largest: 1990

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SiTv' Ot MiCH iGAN LI BRARIES

SB/91-12 Issued July 1991 SEP 09 ~99 f

U.S. Department of Commerce Other Countries DEPOSITED BY Economics and Statistics Admlnistratlor BUREAU OF THE CENSUS UNITED STATES OF AMERICA

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The Pacific Rim is an area rich in human and business 1\'ade With the Pacific Rim More Than resources. Its economic ac­ Doubles: 1980-90 complishments have been Billions of dollars widely acclaimed, and its trading future is promising. Pacific Rim countries,

• Produce more than one­ 150 !---+---+---+-----+---+---+-:>- sixth of the world's Gross Domestic Product. Imports • Contain over one-third of the world's labor force and retail consumers.

50 Manufactures Dominate Trade Most U.S. trade consists of 0 manufactured goods. In 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1990, goods from our indus­ trial sector accounted for over three-fourths of all U.S. ex­ ports, and goods manufac­ The benefits of U.S. trade Pacific Rim tured abroad provided a simi­ Holds Promise with the Pacific Rim are wide­ lar share of our total imports. spread. For example, 60 per­ cent of our exports to that re­ Manufactured goods also The "Pacific Rim" consists of gion in 1990 originated in dominate U.S. trade with the 14 Asian and Pacific coun­ states that do not have a Pa­ Pacific Rim, and the Pacific tries -; the newly in­ Rim's share of U.S. trade in dustrialized countries (NICs) cific coastline. of , , , and ; plus , , , 1\'ade Means Manufactured Goods: 1980 and 1990 , , New Billions of dollars Zealand, , Macao, and the . - All other products - Manufactured goods These active trading nations have become both the largest 110 62 single regional market for U.S. exports and the largest source of goods we import. In 1990, the Pacific Rim:

• Received exports from U.S. suppliers worth some $112 billion, 28 percent of all our exports.

Imports Exports Imports Exports Imports Exports Imports Exports • Supplied imports to U.S. 1980 1990 1980 1990 customers valued at nearly Pacific Rim Non-Pacific Rim $184 billion, 37 percent of our total imports.

Digitized by Google BUREAU OF THE CENSUS STATISTICAL BRIEF July 1991 industrial products has grown Trade Varies by Area • The nine other Pacific Rim in recent years. Between countries shared the re­ 1980 and 1990, The value and content of maining one-fifth of U.S. U.S. trade reflect the eco­ import and export trade nomic diversity of the Pacific with the region. • Imports from the Pacific Rim countries. Japan clearly Rim increased from 40 dominates the volume of re­ Patterns of goods traded dif­ to 46 percent of all U.S. gional trade. For example, fer by country and over time. imports of manufac­ in 1990: For example, in our trade with tured goods. Japan between 1980 and • Japan provided nearly 1990, automobiles remained one-half of all U.S. imports the dominant U.S. import, but • Exports to the Pacific Rim transportation equipment (pri­ increased from 19 to 26 from the region (or goods worth about $90 billion), marily airplanes and parts) percent of all our manufac­ and received some per­ replaced cereal products as tured exports. 43 cent of our exports to Pa­ the largest U.S. export. Also cific Rim countries. since 1980, Machinery and transportation • The NICs have remained equipment account for most • The four NICs supplied our leading source of U.S.- Pacific Rim trade in one-third of our imports clothing imports, but data manufactured goods. In from the Pacific Rim, and processing equipment 1990, U.S. imports of these purchased 36 percent of edged out telecommunica­ goods from the Pacific Rim our exports (or some $41 tions gear as our primary exceeded $100 billion, and billion in goods). export to them. our exports were over $45 bil­ lion. To illustrate,

Trade Balances Differ by • Japan • For imports - automo­ Country: 1980 vs. 1990 • NICS biles, office machines, Billions of dollars ~ China/Australia/ and electrical machinery • Other Pacific Rim totaled 38 percent (and • All other countries nearly $70 billion) of all 1990 imports from the Pacific Rim.

• For exports - electrical machinery, transportation equipment, and office ma­ -10 _ _.______,_ ____ chines were 26 percent (and over $28 billion) of our exports to that region last year. -20 ------l

In addition, the Pacific Rim -30 ------1 is a major export market for U.S. agriculture commodities. These include grain, meat, -40 ______--l fish, and vegetable oil. Near­ ly 39 percent of all U.S. agri­ cultural exports, products worth over $14 billion, went -50 '------~ to Pacific Rim countries 1980 1990 in 1990.

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• Australia and New Zealand • In 1990, our deficit in Pacif- The Census Bureau has taken continued as major ic Rim trade accounted for measures to assure data qua/- sources of U.S. meat and more than 70 percent of ity, and data presented are in fish imports, but our de- the total U.S. trade deficit. accord with applicable stan- pendence on oil imports • In 1980, our Pacific dards. However, caution from Brunei and Indonesia Rim trade deficit was should be used when has decreased. smaller (about $14 billion), comparing these and other but still nearly 70 percent data sets. Trade Deficits Persist of the total. For Further Information on The U.S. has experienced • Between 1980 and 1990, This Brief: large but declining merchan- our annual trade deficit dise trade deficits. Our with Japan quadrupled, Contact deficit peaked at $153 billion from nearly $1 Oto over Mike Farrell in 1987. However, it then de- $40 billion. 301-763-2700 clined by one-third to $101 billion in 1990, and was at an This is one of a series of oc- See annual rate of $68 billion in casional reports from the U.S. Merchandise Trade: the first quarter of 1991. Census Bureau that provide March 1991, FT-900 (91-03), information about our people and appropriate previous monthly and annual reports. Trade with the Pacific Rim and economy. Most data has accounted for most of presented are from monthly the U.S. trade deficit, and and annual U.S. Merchandise For Further Information on this trade imbalance has Trade reports. They are Other Briefs: grown in recent years. In subject to certain errors, 1990, U.S. imports from the such as missing shipment Pacific Rim exceeded our ex- documents, inaccurate or in- Contact ports to that region by $72 bil- complete information, and Robert Bernstein lion. Furthermore, data processing mistakes. 301-763-1584

Pacific Rim ltade Drives U.S. Deficit: 1990 @ Other countries e Pacific Rim

Exports Imports Deficit $3948 $4958 $-1018

$112 (28%) $184 (3741.)

$282 $311 (72%) (63%)

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